Hindustan Construction Company was locked at 5% upper circuit at Rs 49 at 14:11 IST on BSE after the company's subsidiary Lavasa Corporation filed draft prospectus with the market regulator for an initial public offer.
The company made the announcement during trading hours today, 1 July 2014.
Meanwhile, the S&P BSE Sensex was up 111.28 points or 0.44% at 25,525.06
On BSE, so far 26.69 lakh shares were traded in the counter as against average daily volume of 19.58 lakh shares in the past one quarter.
The stock hit a high of Rs 49 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 47.30 so far during the day. The stock had hit a 52-week low of Rs 7.75 on 2 August 2013.
The scrip had outperformed the market over the past one month till 30 June 2014, rising 38.17% compared with 4.94% rise in the Sensex. The stock also outperformed the market in past one quarter, surging 186.86% as against Sensex's 13.76% rise.
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The mid-cap company has equity capital of Rs 64.58 crore. Face value per share is Re 1.
Hindustan Construction Company (HCC) said that its subsidiary Lavasa Corporation has today, 1 July 2014 filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) in order to undertake an initial public offering (IPO) of its equity shares of Rs 10 each aggregating to Rs 750 crore. The IPO is subject to receipt of requisite regulatory approvals, market conditions and other considerations, HCC said.
This is the second time Lavasa Corporation is considering an IPO. In 2010, Lavasa had planned to raise Rs 2000 crore from the primary market, which was abandoned due to the weakness in the market.
Lavasa is developing several hill townships near Pune, Maharashtra. Hindustan Construction Company (HCC) holds 64.99% stake in Lavasa.
HCC reported a net profit of Rs 24.40 crore in Q4 March 2014 as against net loss of Rs 50.26 crore in Q4 March 2013. Net sales rose 17.8% to Rs 1157.83 crore in Q4 March 2014 over Q4 March 2013.
HCC is India's leading infrastructure company.
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